Switzerland’s central bank governor refused yesterday to resign over a family
financial scandal and accused critics of embarking upon a politically
motivated smear campaign.

Philipp Hildebrand expressed regret over the contentious trade that involved
his wife spending $500,000 “shorting” the Swiss franc just before the Swiss
National Bank put a cap on the currency and conceded that he ought to have
reversed the deal when he learnt of it the next day.

However, he rejected calls from Swiss politicians and newspapers for his
departure: “So long as I have the confidence of the Government and the
bank’s board, resignation is